Any suggestions for a somewhat cheap and good video camera?
A couple of other options:
In addition to the JVC linked in Post #2, Ikelite also sells a similar $260 housing for the Flip Mino, Kodak, Panasonic and Sanyo variations of the vertical camcorder. http://www.ikelite.com/web_pages/videoone.html Cisco just announced they're discontinuing production of the entire Flip line so those may be really cheap soon.
For under $1000 - a Canon camcorder - models: VIXIA HF M32, VIXIA HF M31, VIXIA HF M30 and VIXIA HF M300 - in their WP-V2 housing. Street price on the housing is under $400. It's a limited function housing but all the basics are there. My buddy shoots an MF200/WP-V1 and gets good results. Even though it has an underwater mode, he's buying a red filter this year. The housing has a standard sized fitting on the port so it or wet lenses are options.
The cost-reduced (flat port only and no flip filter) Amphibico Turtle starts at around $1200. Add one of the supported Sony cameras and you should be in the $1600-1700 ballpark. http://www.amphibico.com/rec/turtle-underw...eo-housing.html It has many of the features - back LCD monitor, electronic controls, 330' depth rating - of their better EVO model. When paired with some (all?) of the better Sony models, the Turtle does Manual White Balance - you want this if possible.
Competition for the Turtle is probably the TopDawg at $1500 - http://www.topdawgvideo.com/housings.htm But with a shallower depth rating, no MWB, controls on the housing body - IMO you get more from Amphibico - esp. if you add the flip-down red filter and hydrophone options - I believe it's still cheaper also.
Get the Orange one... 